Variable annuities. When a salesperson suggests you buy a variable annuity in your retirement account, he/she probably cares more about commissions than about you. Annuities are considered an option for people who want tax deferral but have already maxed out their other retirement accounts. But why would you need a tax-deferred product in an account that is already tax deferred? The salesperson will argue that other bells and whistles make it worthwhile. Don't listen to them. The enormously high fees in these products make the salesperson rich and keep you poor.
- Larry Pike, CFA, Client Priority Financial Advisors LLC
- www.clientpriority.com
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